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Mutual Fund Screener For the quarter ended Sep 2015
ICRA Online Ltd A Group ICRA company
Mutual Fund Screener – What’s Inside
01
Industry
AUM
02
Inflow Outflow
Analysis
03
Performance
Monitor
05
Domestic vs.
FII flow
06
Debt
Monitoring
07
Summing
Up
04
Sector
Exposure
INDUSTRY AUM
Section I
ICRA Online Limited
Industry AUM Grows 23% YoY
In Sep-15, month-end industry AUM grew by 23.6% YoY.
Mixed performance – rise in AUM of 32 fund houses and decline for others.
The list of top 10 AMCs (in terms of industry AUM) remains unchanged
Highest change in AUM among the top 10 AMCs registered by Kotak Mahindra AMC followed by Birla Sun
Life AMC.
The top 10 AMCs alone added close to Rs. 2 lakh crore to their AUM.
HDFC AMC retained the top position with a corpus of Rs. 1.6 lakh crore
9,94,696
12,20,039 12,29,343
0
2,00,000
4,00,000
6,00,000
8,00,000
10,00,000
12,00,000
14,00,000
Sep-14 Jun-15 Sep-15
In R
s. C
rore
Mutual Fund Industry AUM
Source: AMFI
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
0
20,000
40,000
60,000
80,000
1,00,000
1,20,000
1,40,000
1,60,000
1,80,000
HD
FC
MF
ICIC
I
Prud
entia
l MF
Rel
ianc
e
MF
Birl
a Su
n
Lif
e M
F
UT
I M
F
SBI M
F
Fran
klin
Tem
plet
on M
F
IDFC
MF
Kot
ak
Mah
indr
a M
F
DSP
Bla
ckro
ck M
F
YoY
Grow
th (I
n %
)
AU
M (I
n R
s. C
rore
)
Top Ten AMCs
Sep-15 Sep-14 Growth (YoY)
Source: AMFI, ICRA Online Research
Top Players Retain Position
Source: AMFI, ICRA Online Research
56.1%
55.5%
55.4%
13.4%
13.4%
14.1%
30.5%
31.1%
30.5%
0.0% 25.0% 50.0% 75.0% 100.0%
Sep-15
Jun-15
Sep-14
AUM (In Rs. Crore)
Rest Next 10 Top 5
AUM distribution across AMCs Growth in AUM – Top ten AMCs (YoY%)
The change in distribution pattern of AUM across AMCs remained in the range of +/-1%.
Motilal Oswal AMC witnessed the highest % change in AUM (YoY) and doubled its corpus to Rs. 4,302 crore.
In absolute term, highest change in corpus was registered by ICICI Prudential AMC, going up by Rs. 37,401 crore.
Kotak
Mahindra MF,
50.49%
Axis MF,
44.69%
Tata MF,
32.33%
JM Financial
MF, 37.00%
LIC Nomura
MF, 41.66%
BNP Paribas
MF, 32.69%
Motilal Oswal
MF, 239.07%
Mirae Asset MF,
88.85%
Edelweiss MF,
229.96%
IIFL MF,
125.53%
Source: AMFI, ICRA Online Research
INFLOW OUTFLOW ANALYSIS
Section II
ICRA Online Limited
Equity Witnesses Steady Inflow
Income
47%
Infrastructure
Debt Fund
0%
Equity
26%
Balanced
2%
Liquid/Money
Market
19%
GILT
1%
ELSS - Equity
3%Gold ETF
1%
Other ETFs
1%
FoFs
Investing
Overseas
0%
Sep-14 AUM Division
Source: AMFI, ICRON Research
Income
46%
Infrastructure
Debt Fund
0%
Equity
29%
Balanced
3%
Liquid/Money
Market
15%
GILT
2%
ELSS - Equity
3%
Gold ETF
1%
Other
ETFs
1%
FoFs
Investing
Overseas
0%
Sep-15 AUM Division
Source: AMFI, ICRON Research
Where were we in Sep-14? Where are we in Sep-15?
Which category grew the most?
21%32%
40%
100%
-3%
211%
20%
-15%
88%
-32%-50%
0%
50%
100%
150%
200%
250%
Income Infrastructure Debt Fund
Equity Balanced Liquid/Money Market
GILT ELSS - Equity Gold ETF Other ETFs FoFs Investing Overseas
Growth in AUM-Category wise
Source: AMFI, ICRON Research
What has been the trend?
-20000
-10000
0
10000
20000
30000
40000
50000
60000
70000
80000
Income Infrastructure Debt Fund
Equity Balanced Liquid/Money Market
GILT ELSS-Equity Gold ETFs Other ETFs FoF investing overseas
in R
s. C
ro
re
Inflow-Outflow Trends
H1FY16 FY15 FY14Source: AMFI, ICRON Research
Equity category saw
steady inflows in
FY15 and H1FY16.
The flow resulted in
greater presence of
equity-oriented assets
in total AUM.
PERFORMANCE MONITOR
Section III
ICRA Online Limited
Performance Monitor (1of 2) Equity Oriented Mutual Fund Performance
Over a long-term investment horizon, equity funds in India managed to generate positive real returns, after adjusting
for inflation.
Funds that aim to diversify across economies, i.e. global funds, met with limited traction, as performance was
disappointing as against domestic diversified funds.
9.9
19.1
9.9
14.1
-2.8
9.9
5.7
11.0
17.7
8.1
15.4
10.3
19.4
9.9
12.6
-0.2
11.7
5.7
11.8
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
1 Year 3 Years 5 Years 10 Years
in %
In %
Diversified Funds Global Funds Sector Funds ELSS Nifty
Source: ICRA Online Research, Returns as on 30-Sep-2015
Less than 1 year Absolute returns, Greater than 1 year Compound Annualized returns
Performance Monitor (2 of 2)
Long term- Debt Oriented Mutual Fund Performance Short term- Debt Oriented Mutual Fund Performance
RBI cut interest rates by 125 bps in 2015, which resulted in 10%-12% returns for dynamic bond funds.
9.79.0 9.0
8.08.6 8.7 8.67.6
8.3 8.6 8.57.4
0.0
5.0
10.0
15.0
1 Year 3 Years 5 Years 10 Years
In %
Short Term Ultra Short Term Liquid
Source: ICRA Online, Returns as on 30-Sep-2015
Less than 1 year Simple Annualized returns, Greater than 1 year Compound Annualized returns
10.49.2 8.5
7.6
12.8
9.18.5
7.3
0.0
5.0
10.0
15.0
1 Year 3 Years 5 Years 10 Years
In %
Income Funds GILT Funds
Source: ICRA Online Research, Returns as on 30-Sep-2015
Less than 1 year Simple Annualized returns, Greater than 1 year Compound Annualized returns
SECTOR EXPOSURE
Section IV
ICRA Online Limited
Equity fund managers continued investment in IT
companies as the rupee depreciated against the dollar.
Allocation in IT stocks reached an all-time high of Rs.
43,053 crore as against Rs. 31,834 crore in Sep-14.
Banking with 20.9% of the total equity AUM remained a
heavy-weight sector, but asset quality of banks, especially
PSUs, remained a concern.
Pharma remained the third most preferred sector. It had
generated close to 19% returns in 2014.
Exposure to Auto stocks remained consistent (~7% of
equity AUM) in the quarter.
IT Share Touches All-Time High
SectorCorresponding
Index
YoY Change
in AUM1 Year
Banks S&P BSE Bankex 52.28% 11.73%
Software S&P BSE IT 35.24% 8.33%
Pharmaceuticals Nifty Pharma 54.06% 19.10%
Auto S&P BSE AUTO 50.94% -2.01%
Finance S&P BSE Finance 44.40% 11.32%
Source: BSE, NSE, ICRA Online Research
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Sep-14 Jun-15 Sep-15
Eq
uit
y A
UM
(In
Rs.
Cro
re)
Top 5 Sector- Equity Exposure
Banks Software Pharmaceuticals Auto Finance
Source: SEBI, ICRA Online Research
DOMESTIC VS. FOREIGN INSTITUTIONAL FLOW
Section V
ICRA Online Limited
Domestic Flows Peak
-800
-300
200
700
1200
1700
2200
-6,000
-3,000
0
3,000
6,000
9,000
12,000
15,000
18,000
Oct
14
No
v 1
4
Dec 1
4
Jan
15
Feb
15
Ma
r 1
5
Ap
r 1
5
Ma
y 1
5
Jun
15
Jul 1
5
Au
g 1
5
Sep
15
MF
(In
Rs.
Cro
re)
FII
/FP
I (I
n R
s. C
rore
)
Good Show by MF
FII/FPI MF
Source: ICRA Online Research
For 48% of trading days in the
last 12 months, Foreign
Institutional Investors (FIIs)
were net sellers of Indian equity.
Domestic Institutional Investors
(DIIs) bought twice the amount
against FIIs, amounting to Rs.
70,500 crore.
DIIs’ blue-chip holding reached
its highest in 25 quarters, but for
FIIs, it fell to its lowest in seven
quarters, mainly due to selloff in
emerging economies.
DEBT MONITORING
Section VI
ICRA Online Limited
Credit Rating Profile of the Industry
The chart shows the credit rating profile of debt
instruments in the industry
Exposure in AAA instruments increased from
22.66% in Sep-14 to 33.52% in Sep-15, whereas
exposure to money market instruments reduced
from 48.77% to 24.19% in the same period.
Investment in longer term papers increased to
benefit from falling yields.
SUMMING UP
Section VII
ICRA Online Limited
Summing Up
The industry has a tiered structure with the top 5 AMCs having 56% of the industry AUM.
Equity category has seen steady inflows in FY15 and H1FY16.
Institutional investors currently hold 54% of assets. 88% of the institution assets are held in
liquid/money market and debt-oriented schemes
Individual investors increase their share of assets from 45% to 46% in the last 12 months because of
strong equity participation.
Disclaimer:
All information contained in this document has been obtained by ICRA Online Limited from sources believed by it to be accurate and reliable. Although reasonable
care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Online Limited or
its affiliates or group companies and its respective directors, officers, or employees in particular, makes no representation or warranty, express or implied, as to the
accuracy, suitability, reliability, timelines or completeness of any such information. All information contained herein must be construed solely as statements of
opinion, and ICRA Online Limited, or its affiliates or group companies and its respective directors, officers, or employees shall not be liable for any losses or injury,
liability or damage of any kind incurred from and arising out of any use of this document or its contents in any manner, whatsoever. Opinions expressed in this
document are not the opinions of our holding company, ICRA Limited (ICRA), and should not be construed as any indication of credit rating or grading of ICRA for
any instruments that have been issued or are to be issued by any entity.
Contact Information
Saugat Acharya
+91 98209 74940
Atul Sharma
+91 96191 12544
Eshna Basu
+91 98318 27490
